SAVING ON A VALUABLE EDUCATION (SAVE) PLAN
January 2024: The Biden-Harris Administration and the U.S. Department of Education encourage borrowers to enroll in the Saving on a Valuable Education (SAVE) Plan. They are exploring more loan forgiveness and debt relief options to those enrolled in the SAVE plan. Information and new developments will be emailed to those currently in repayment, and also posted to https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.
PREPARE FOR REPAYMENT
October 2023: repayment begins. For information about restarting payments after the COVID-19 payment pause go to https://studentaid.gov/manage-loans/repayment/prepare-payments-restart
BACKGROUND AND STATUS
June 30, 2023: The U.S. Supreme Court found the One-Time Student Loan Forgiveness Plan to be unconstitutional.
The Biden-Harris Administration has stated that it will explore other strategies to provide relief to federal student loan borrowers, such as a new repayment plan – the Saving on a Valuable Education (SAVE) Plan – to reduce monthly payment amounts. As the new strategies are developed, they will be posted to https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info.
August 24, 2022: The Biden-Harris Administration and the U.S. Department of Education (ED) announced loan forgiveness plans of up to $20,000 for prior Pell Grant recipients and up to $10,000 for all other loan borrowers. To be eligible, borrower’s annual income must be below $125,000 (individuals) and $250,000 (married couples/head of households).
Borrowers can view their loan balances and check their Pell Grant status by logging into their Federal Student Aid account online at studentaid.gov.
Questions? Go to One-Time Student Loan Debt Relief (studentaid.gov).